HECM eligibility at risk with poor spending - HECMWorld.com Skip to content

HECM eligibility at risk with poor spending


Increasingly Americans find themselves broke and more older homeowners my unwittingly be hurting their future chances of qualifying for a HECM (Home Equity Conversion Mortgage).

As of November, over 60% of Americans were living paycheck to paycheck, with 20% reporting they struggle to pay their monthly bills. According to Amber Carroll, senior vice president of membership and lifecycle strategy at LendingClub. Older Americans who have retired or continue to work are also feeling the squeeze. Consider this- 14% of baby boomers born between 1946 and 1964 have no savings to cushion unexpected expenses, most of which are financed on a credit card.

Credit Card Spending Surges

And speaking of credit cards more Americans are coming up short each month to cover daily expenses but that didn’t slow their holiday spending…

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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.

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